PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485839
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485839
Intelligent Parking Market size was valued at USD 9,989.32 Million in 2023, expanding at a CAGR of 11.5% from 2024 to 2032.
The Intelligent Parking Market, which encompasses advanced technologies and systems designed to optimize parking efficiency and reduce urban congestion, is experiencing robust growth due to increasing urbanization, rising vehicle ownership, and the integration of IoT and AI for smart city initiatives. The demand for efficient traffic management, government initiatives for smart infrastructure, and the need to reduce environmental impact are driving the market demand. However, the market is restrained by the high initial investment costs and the complexity of retrofitting existing infrastructure. Despite these challenges, significant opportunities exist in the development of autonomous vehicles, enhanced data analytics, and expanding smart city projects, which are expected to further drive market expansion.
Intelligent Parking Market- Market Dynamics
Surging Demand for IoT-Based Solutions Propels Intelligent Parking Market Growth
The surging demand for IoT-based solutions is significantly propelling the growth of the Intelligent Parking Market, as cities globally strive for smarter infrastructure. For instance, the European Commission's initiatives towards smart city projects have seen over 300 cities adopting IoT-driven parking systems to manage traffic congestion and reduce emissions. In the United States, San Francisco's SFPark project uses sensors and real-time data to manage parking availability, leading to a 43% reduction in search time for parking spaces. These initiatives underscore the critical role of IoT in enhancing parking efficiency and supporting sustainable urban development. The ongoing investment and innovation in this sector are expected to drive the Intelligent Parking Market's growth further, making cities smarter and more sustainable.
Intelligent Parking Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 11.5% over the forecast period (2024-2032)
Based on technology type segmentation, Software Solution was predicted to show maximum market share in the year 2023
Based on service type segmentation, Consulting & Advisory Services was the leading type in 2023
Based on parking facility type segmentation, Off-street Parking (Garages and Lots) was the leading type in 2023
Based on deployment mode segmentation, Cloud-based Solutions was the leading type in 2023
Based on end user segmentation, Shopping Centers were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Intelligent Parking Market is segmented based on Technology Type, Service Type, Parking Facility Type, Deployment Mode, End User, and Region.
The market is divided into three categories based on Technology Type: Sensors, software solutions, and hardware solutions. Software solutions represent the largest segment, offering advanced parking management systems and data analytics, followed by hardware solutions providing infrastructure such as smart meters and signage.
The market is divided into four categories based on Service Type: Installation & Maintenance Services, Consulting & Advisory Services, Integration Services, and Support & Training Services. Consulting & advisory services, which hold the largest segment, offer strategic guidance and planning for parking solutions. Integration services, providing seamless implementation of parking systems, followed by installation & maintenance services and support & training services.
Intelligent Parking Market- Geographical Insights
North America leads in adoption due to advanced infrastructure, high vehicle ownership, and proactive policies, with cities like San Francisco and New York implementing IoT-based systems. Europe follows, supported by stringent environmental regulations and robust smart city frameworks, with over 300 cities deploying IoT solutions. In the Asia-Pacific region, rapid urbanization and significant government investments, particularly in China, Japan, and South Korea, are driving market growth. Latin America is growing steadily, with countries like Brazil and Mexico adopting intelligent parking to ease congestion, despite economic challenges. The Middle East and Africa are gradually embracing these solutions, especially in rapidly developing cities like Dubai and Johannesburg, aiming to enhance urban infrastructure efficiency. Overall, the market's global expansion is fueled by diverse regional initiatives to improve urban mobility and sustainability.
Key players such as Siemens, Bosch, and IBM are leveraging their extensive technological expertise and global reach to develop comprehensive IoT-based parking systems. Meanwhile, companies like Streetline, ParkMobile, and ParkWhiz are driving innovation with user-friendly mobile applications and real-time parking data analytics. Partnerships between private firms and municipalities are also common, facilitating large-scale deployments of smart parking infrastructure. Furthermore, the market has witnessed notable collaborations and acquisitions among key players aiming to enhance technological capabilities and market reach. For instance, in 2018, Siemens collaborated with ParkMobile to integrate Siemens' intelligent infrastructure technology with ParkMobile's mobile parking payment solutions, optimizing smart parking systems. Additionally, Bosch expanded its mobility services by acquiring SPLT, a Detroit-based startup specializing in ride-sharing technology, to integrate innovative solutions into its smart parking and transportation offerings, further advancing Bosch's smart city initiatives.
In February 2024, New Taipei City introduced a new smart parking service in four busy districts, using 3,471 geomagnetic sensors along 122 road stretches. The sensors will connect to an online database, helping drivers locate available roadside parking spots.
In November 2023, Dhaka North City Corporation (DNCC), along with Dhaka Metropolitan Police (DMP) and Law and Order Coordination Council (LOCC), launched Bangladesh's inaugural Smart Parking App and Parking Card in collaboration with Mastercard and Islami Bank Bangladesh PLC. The Parking Card offers a convenient payment option for vehicle parking at 11 designated zones in Gulshan, the capital's area.
GLOBAL INTELLIGENT PARKING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
3M
Amano Corporation
Bosch Mobility Solutions
HUB Parking Technology
Indigo Park Services
Nedap
Park Assist
ParkMobile
Parkopedia
Scheidt & Bachmann
Sensys Networks
Siemens Mobility
Streetline
SWARCO
TIBA Parking Systems
Urbiotica
Others